Q1 2014: Sareb Sells 3.846 Properties

11/04/2014 – Expansion

According to data from the end of the first quarter of the ongoing year, Sareb (Spain´s bad bank) traded 3.846 properties. The number indicates an average of 43 units sold per day.

Moreover, Sareb redeemed a €1.4 billion debt that is ´a significant step forward´ as one of the goals set for this year is payment of €3 billion credit with state warrants owed to bailed-out entites which transferred their soured assets to the bad bank.

As its chairwoman Belen Romana reminded, Sareb paid €1.2 billion in fees and paid-off a €2 billion debt in 2013. In 2014, she pursues at duplicating the amounts. (…).

On the other hand, the bad bank´s CEO Jaime Echegoyen assured that one of the 2014 objectives is to raise the retail sales by 15% to cross 10.500 properties at the end of the year, by selling at average pace of 30 units a day.

(…) In the forthcoming months, Sareb will outsource its property management to funds (…).

Simultanously with the increased activity in the retail channel, the bad bank bets on wholesale. It put up for an auction a portfolio called “Klauss”, including performing loans of medium-size firms valued at €68 million and a bilateral loan of €20.5 million.

Additionally, Sareb concluded sale of the “Dorian” portfolio containing leased dwellings for €43.1 million.

The bad bank´s 2013 accounts have been approved and (…) its EBITDA showed €1.195 million.


Original article: Expansión

Translation: AURA REE